Financial and business news from Bulgaria

By up to BGN 700 million the capital of the Bulgarian Development Bank has been increased by up to BGN 700 million

With the money will support small and medium-sized businesses affected by the COVID-19 pandemic
The Council of Ministers adopted a decision to increase the state's share participation in the capital of the Bulgarian Development Bank. It agrees to the state to increase its shareholding in the capital of BDB through cash contributions totalling up to BGN 700,000.

The money from the capital increase will be used to implement measures to support the economy in connection with the COVID-19 epidemic, including for issuing portfolio guarantees to banks that allow them to provide more flexible business credit conditions for a certain period under certain conditions and individual assessment of each specific case.

The measures the BDB is intended to undertake are aimed at providing access to financing to maintain the turnover and activity of small and medium-sized enterprises affected by the COVID-19 pandemic. The aim is to minimise risks of liquidity crisis and preventive business support, including by sharing risk with commercial banks in the country.